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A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

Steelcase to acquire 100% stake in Hong Kong firm

Thursday 25 October 2007

Steelcase Inc has acquired Hong Kong-based Ultra Group Holding Co. Ltd. Jason Taper, sales director of Steelcase (Central China) made the announcement. The company first announced the purchase last month.
Taper said that the acquisition will enable Steelcase to expand its market share in the growing China market.

Ultra will be operated as an independent brand and company in China and other Asia-Pacific regions.

Ultra reported a profit of US$38.4 million in its latest fiscal year.

Steelcase is also expanding its consultancy business in Shanghai, Beijing, Guangzhou and other cities in China, in a bid to become the leading provider of contract office furniture consultancy services in the county in the next 5 years.
Steelcase\'s China growth
Thursday, October 25, 2007
Steelcase Inc. last month took a major step to expand its Asian market position. The Grand Rapids-based company signed a deal to buy Chinese office furniture maker Ultra Group Co. Ltd., which reported $38.4 million in revenues for its most-recent fiscal year.

The planned acquisition -- for $13.2 million in cash -- comes just one year after Steelcase opened its first plant in Shenzen, China. It gives Steelcase more geographic scope as the Chinese manufacturer has showrooms and sales offices across China.

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